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Topic Review (Newest First)
21-10-2015 09:01 AM
Local Singaporean
Quote:
Originally Posted by Unregistered View Post
Are you planning to sell your hdb flat and upgrade to a condo?
Nope. I felt that now is not the time to buy a condo with the market situation whereby there is a lot of uncertainty. We are planning to invest in a property outside of SG when the time is right.

For both of us, we would like to have a stress free life. Well at least if my wife would like to stay home and look after the child, spending quality time with her/her, we can afford that.

We are well that a lot of people here are talking about building passive income and planning well ahead for retirement. But for us, since we are low spender and have good amount of saving plus investment in shares, we reckon it would suffice. We are also trying to balance the mentality between YOLO and retirement.

Any feedback are welcome!
20-10-2015 06:05 PM
Unregistered This car thing has been debated to death over the years. In short, if you need to keep calculating & discussing the situation, it likely means you can't afford.
20-10-2015 04:08 PM
Unregistered Yes. You should just take the MRT. Buy a condo next to an MRT station. If you live in the West, buy condos such as The Centris, The Lakeshore, The Lakefront Residences, J Gateway or Caspian. These condos are near MRT stations. Better use your $2k pm to pay for a mortgage for these condos than to use it to pay for a car. If you take the bus and MRT, your monthly transport expenses will be $300 pm the most.


Quote:
Originally Posted by SG Guy View Post
I want to say for Cars in Singapore, it is probably more accurate to include the car depreciation in the monthly expenses. A normal car here already depreciates at about $12K per year or $1K a month, and that is assuming you use the car till the end of life. If you are the type that change your car every few years, the depreciation is probably higher.

Then add in petrol, insurance, road tax, parking, ERP, servicing, grooming, repairs etc. The real number rises quickly to $2K or even more if you have a conti/luxury car.

Cars damn expensive in Singapore man
20-10-2015 03:00 PM
SG Guy I want to say for Cars in Singapore, it is probably more accurate to include the car depreciation in the monthly expenses. A normal car here already depreciates at about $12K per year or $1K a month, and that is assuming you use the car till the end of life. If you are the type that change your car every few years, the depreciation is probably higher.

Then add in petrol, insurance, road tax, parking, ERP, servicing, grooming, repairs etc. The real number rises quickly to $2K or even more if you have a conti/luxury car.

Cars damn expensive in Singapore man
19-10-2015 10:06 AM
Unregistered Are you planning to sell your hdb flat and upgrade to a condo?

Quote:
Originally Posted by Local Singaporean View Post
Since this is a forum for sharing, please find the below breakdown for my family.

Household income per month (exclude bonus) is 15k
Both of us are in early 30s

Forced saving (for our joint saving account) : 4000
Parent allowances: 1500
Car and misc (car is fully paid) 500
Food: 1500-2000 (depending if there are any birthday etc)
Travel 500 (usually travel twice a year, so it's about this range per month)
Bills 1000 (phone, utilities, insurance etc)
Transportation 300-500 (sometimes taxi)
Entertainment 500-1000 (again depending on events)

The rest are generally saved as we don't have much expensive hobby etc..
(Trying to achieved financial freedom as fast as possible)

Our mentality is to save much and try to clear our existing HDB loan as fast as possible.

3/4 there already!
19-10-2015 09:56 AM
Local Singaporean Since this is a forum for sharing, please find the below breakdown for my family.

Household income per month (exclude bonus) is 15k
Both of us are in early 30s

Forced saving (for our joint saving account) : 4000
Parent allowances: 1500
Car and misc (car is fully paid) 500
Food: 1500-2000 (depending if there are any birthday etc)
Travel 500 (usually travel twice a year, so it's about this range per month)
Bills 1000 (phone, utilities, insurance etc)
Transportation 300-500 (sometimes taxi)
Entertainment 500-1000 (again depending on events)

The rest are generally saved as we don't have much expensive hobby etc..
(Trying to achieved financial freedom as fast as possible)

Our mentality is to save much and try to clear our existing HDB loan as fast as possible.

3/4 there already!
18-10-2015 07:30 PM
Unregistered
Quote:
Originally Posted by mugster View Post
I just did my household expense spreadsheet and was pretty shocked at the numbers.
I am thinking a thread for posting family expenses may be helpful for the community. (To give reference, for others to help advise etc.)

Anyway to start things off, here's mine:

Code:
$3000 Parents / Family	(covers parents, grandparents, siblings, extended family. monthly allowances, red packets, festive gifts, occasions, meal treats etc.)
$1500 Domestic Helpers x2 (salary, levy, medical, insurance, misc)
$3000 Kids x3 (School, Tuition, Enrichment, Food, Toys, Consumables)
$3000 Car & Transport (Car Depre, tax, insurance, maintenance, petrol, parking, erp, taxis)
$1000 Health & Beauty (Medical, Grooming, Fitness)
$1500 House Maintenance (Furnishing, Fittings, Utilities $500, Condo Maintenance, Aircon servicing, Reno Depre, Prop Tax & Insurance)
$1500 Groceries and Sundries (Marketing for home cooking, Household maintenance products)
$2000 Travel / Entertainment / Shopping (Holidays, kids activities, friend outings,online shopping, retail shopping, gadgets, hobbies,  friends gifts)
$1500 Dining & Drinks (Daily & work meals, food court, restaurants, meal & drinks outings w friends & family)
$0300 Term Insurance	

Total Monthly Expense Burnt = $18,300

----
$2000 Property Loan
$1500 Life / Investment-linked Insurance
$3700 CPF
$0000 Regular Savings/Investment Plan

Total Monthly Forced "Investments" = $7,200

Total monthly = $25,500
To give context, my household monthly income is around $32,000 (after deducting off income tax). Both myself and wife are working, we have 3 kids. One is an infant and our parents cannot help to take care of kids, that's why need 2 helpers.

I put CPF, property loan repayment and life insurance separately as I think those are not real "expenses" but rather more like forced savings/investments. They are included because they are still important for cashflow considerations.

Yes I know I'm in a fortunate position. Just that I think my family spending is not extravagant at all, yet still seem need so much income to cover outgoing cashflow.

Anything I left out or any items seems out of whack?
House hold income = $5000
CFP deductions : take home is around $3900

Parents: $1000
Food: $1000
Transport: $300
Entertainment (TV/Internet) : $140
PUB & SC: $160
Insurance: $600
18-10-2015 06:30 PM
Unregistered With a HH income of $32k pm, I find it strange that you would miss out the income tax which should constitute a big chunk of your expense.

What age group are you in?

By the way, is your $32k pm income based on total annual income divided by 12? Meaning is your annual income $384k? If so, you should have stated it this way upfront, it would have put things in perspective.

If it is really monthly income, then with bonuses, your total income could hit $400k -$500k pa



Quote:
Originally Posted by mugster View Post
I just did my household expense spreadsheet and was pretty shocked at the numbers.
I am thinking a thread for posting family expenses may be helpful for the community. (To give reference, for others to help advise etc.)

Anyway to start things off, here's mine:

Code:
$3000 Parents / Family	(covers parents, grandparents, siblings, extended family. monthly allowances, red packets, festive gifts, occasions, meal treats etc.)
$1500 Domestic Helpers x2 (salary, levy, medical, insurance, misc)
$3000 Kids x3 (School, Tuition, Enrichment, Food, Toys, Consumables)
$3000 Car & Transport (Car Depre, tax, insurance, maintenance, petrol, parking, erp, taxis)
$1000 Health & Beauty (Medical, Grooming, Fitness)
$1500 House Maintenance (Furnishing, Fittings, Utilities $500, Condo Maintenance, Aircon servicing, Reno Depre, Prop Tax & Insurance)
$1500 Groceries and Sundries (Marketing for home cooking, Household maintenance products)
$2000 Travel / Entertainment / Shopping (Holidays, kids activities, friend outings,online shopping, retail shopping, gadgets, hobbies,  friends gifts)
$1500 Dining & Drinks (Daily & work meals, food court, restaurants, meal & drinks outings w friends & family)
$0300 Term Insurance	

Total Monthly Expense Burnt = $18,300

----
$2000 Property Loan
$1500 Life / Investment-linked Insurance
$3700 CPF
$0000 Regular Savings/Investment Plan

Total Monthly Forced "Investments" = $7,200

Total monthly = $25,500
To give context, my household monthly income is around $32,000 (after deducting off income tax). Both myself and wife are working, we have 3 kids. One is an infant and our parents cannot help to take care of kids, that's why need 2 helpers.

I put CPF, property loan repayment and life insurance separately as I think those are not real "expenses" but rather more like forced savings/investments. They are included because they are still important for cashflow considerations.

Yes I know I'm in a fortunate position. Just that I think my family spending is not extravagant at all, yet still seem need so much income to cover outgoing cashflow.

Anything I left out or any items seems out of whack?
18-10-2015 10:51 AM
Unregistered
Quote:
Originally Posted by Unregistered View Post
And the point you are trying to make is ? Your household expenses is not high at 20+K/mth?
And your family income is high at 32K/mth?
That's all that sticks out.

Find it strange that such a high income person will come to such forums to post such **** and seek opinions. hahaha...maybe you indeed are as I know such high income follks, but they spend more time trying to figure out the business/work that posting rubbish showing off / asking for views...
Probably another BS post. This "mugster" started off randomly posting many 1 liner replies that are of no value. After 2 weeks he ended off boasting about his trophy wife and millionaire assets in 2011. Then silence for 4 years and 2015 come back with another thread boasting of his 32k monthly salary and 25k expenses.
18-10-2015 05:24 AM
Unregistered And the point you are trying to make is ? Your household expenses is not high at 20+K/mth?
And your family income is high at 32K/mth?
That's all that sticks out.

Find it strange that such a high income person will come to such forums to post such **** and seek opinions. hahaha...maybe you indeed are as I know such high income follks, but they spend more time trying to figure out the business/work that posting rubbish showing off / asking for views...
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